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One of the most important lessons economists try and teach new economics students is that costs are both monetary and non-monetary and that in economics costs include opportunity costs: the value of the next best thing you give up by choosing a certain economic activity.

I was reminded of this when I read Beth Slovic’s article in The Oregonian about the proposal to bring parking meters to the NW shopping district of NE 21st and 23rd. I was surprised at the local merchants apparent conviction that this would lead to fewer customers.

San Antonio officials who believe an expensive streetcar line will promote mobility and economic development are doomed to disappointment. Streetcars are obsolete: they move slowly; are hazardous to cars, bicycles, and pedestrians; and unlike buses, one disabled streetcar can shut down an entire line.

In 1933, San Antonio became the first major American city to replace all its streetcars with buses because buses were faster, more flexible, and far less expensive. Buses remain superior today: American cities with streetcars spend far more operating and maintaining those cars than their buses.

Portland foreclosure rates rose to 2.74 percent, an increase of 0.18 percent compared to September 2011. The state’s rates rose to 3.12 percent, an increase of 0.15 percent. Nationwide, the foreclosure rates fell to 3.52 percent, a decrease of 0.27 percent. Oregon’s foreclosure recovery has lagged behind the nation since July, says the Portland Business Journal, when a new law took effect that gives delinquent mortgage holders more rights to arbitration.

The good news is that the number of Portland homes headed for foreclosure is 5.42 percent, a drop of 0.27 percent. The average price of a home ($281,400) has increased 4.9 percent compared to a year ago.

Business and civic leaders released the latest economic study of the Portland-metro area, examining how the region is performing compared the U.S. metro average and other metro areas. The study highlights job recovery, primarily in construction and retail and leisure sectors, and identifies that the Portland-metro region still lags behind the national average in per capita income. The study is part of the Value of Jobs coalition’s efforts to raise awareness of the importance of private-sector jobs and income and wage levels and their connection to the region’s quality of life.

Giant retailers are offering same-day delivery in selected cities to try to gain a competitive edge. Amazon started same-day delivery several years ago, filling orders from its own warehouses.

“Amazon created this monster and everyone has had to jump on board to compete,” expert analyst Kerry Rice told the Wall Street Journal.

Walmart announced it would test same-day delivery in October in several key cities. They charge a flat $10 delivery fee, no minimum purchase required. Orders are filled from local Walmart stores and delivered by UPS. Orders must be placed before noon for same-day delivery. Most US residents live within close driving distance of at least one of Walmart’s nearly 3,100 Supercenters, giving Walmart a strategic advantage over Amazon, at least until Amazon can build more distribution centers.

Voices Strong Support for U.S. Government’s Refusal to Sign Agreement in Current Form

The U.S. Chamber of Commerce’s Executive Vice President and Chief Operating Officer David Chavern today issued the following statement regarding the United Nation’s International Telecommunication Union (ITU) treaty regarding internet regulation currently being discussed in Dubai:

“The U.S. Chamber of Commerce firmly believes that regulation of the Internet by the ITU poses serious risks to years of Internet-led innovation and growth. We recognize and support the desire to promote sound Internet policies and maximize broadband penetration. However, we don’t believe that the ITU is the proper forum for advancing these discussions, and we are troubled by the apparent desire of some governments to create political cover for curtailing the expression of political speech and dissent. We strongly support the U.S. government for refusing to sign on to such a misguided

The Wall Street Journal interviewed the Vice President of Business Operations of Bullet Blocker which created a bullet-proof backpack for school kids. The idea is their backpack can be a lifesaving lightweight shield against mass shooters. Bullet Blockers said they saw sales rise 400% since the Newtown shooting.